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Conagra Brands agrees to sell Wesson oil brand to new buyer

Chicago-based Conagra Brands Inc. said Dec. 18 that it has reached a definitive agreement with Canadian agribusiness Richardson International Ltd to divest its Wesson oil brand and all related assets, including its Memphis, Tenn., facility.

Financial terms of the deal were not disclosed.

The J.M. Smucker Co. was supposed to buy the cooking oil business earlier this year for $285 million, but after the U.S. Federal Trade Commission challenged the proposed acquisition, the food and beverage company decided to terminate its agreement with Conagra.

Conagra expects the transaction with Richardson International to close by the end of the first quarter of 2019, subject to customary closing conditions.